Hungary abolishes third-party verification requirements for crypto transactions, CoinCash receives the first MiCA license in the country

Odaily reports that the Hungarian Parliament has voted to abolish the crypto verifier requirement, eliminating the need for third-party approval for certain crypto transactions. This requirement originated from Hungary's 2024 Crypto Asset Act, which was originally set to mandate that from July 1, 2025, licensed verifiers must check asset sources, wallet ownership, and client information before issuing compliance statements.



Hungarian Finance Minister Kármán András stated that the previous rules disrupted Hungary's crypto market, with some service providers ceasing local operations, leading the government to cancel the verification requirement. Broader licensing and compliance requirements continue to apply.



On July 20, the Hungarian National Bank (MNB) granted authorization to Tiwala Solutions, the operator of the crypto platform CoinCash, under the European Union's Markets in Crypto-Assets Regulation (MiCA). The authorization covers custody, exchange between cryptocurrencies and fiat currencies, exchange between cryptocurrencies, transfers, investment advice, and portfolio management. CoinCash plans to gradually resume its services.